Aircraft parts supplier Goodrich Corp. will pay 330 million euros ($466.8 million) to acquire private equity-backed Microtecnica, Reuters reported. Microtecnica, a maker of actuation systems for the aerospace industry, is owned by European private equity firm Stirling Square Capital Partners, which had bought the firm in July 2008 from a subsidiary of United Technologies Corp., Reuters said. The acquisition is expected to close during the second quarter of 2011.
(Reuters) – U.S. aircraft parts supplier Goodrich Corp said it would buy Microtecnica, a maker of actuation systems for the aerospace industry, for about 330 million euros ($466.8 million), to enhance its product offering.
Goodrich will buy Microtecnica from European private equity firm Stirling Square Capital Partners, which had bought the firm in July 2008 from a subsidiary of United Technologies Corp .
Goodrich, which is a supplier of wheels and brakes for airplanes, said the purchase will increase the company’s exposure to commercial and military helicopters, commercial regional, business and general aviation aircraft and missile actuation.
Goodrich said Microtecnica, which employs about 700 people, is expected to have sales of about $220 million in 2011, and would slightly add to Goodrich’s earnings in the year, and more in later years.
Goodrich said Microtecnica would become part of Goodrich’s Actuation Systems business, within its Actuation and Landing Systems segment.
($1 = 0.707 Euros)
(Reporting by Megha Mandavia; Editing by Hans Peters)